Certificate secured loan

Certificate secured loan

Rebuilding credit part 3 | cd & savings account secured loans

A secured loan from Teachers Credit Union is a smart way to build or increase your credit score by using cash you already have on hand as collateral. Discover how a Secured Loan can help you improve your financial situation, from lower interest rates to better terms.
*NOTE: Share Draft Checking, Money Market, Holiday Savings, Vacation Savings, Custodial, Guardianship, Estate, or Living Trust Accounts, or IRA Share Savings Accounts cannot be used as collateral for a Savings Secured Loan.

What is a secured loan?

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Building or rebuilding credit with a share secured loan

An American Eagle FCU Savings or Certificate account comes with a slew of benefits. One of them is that the funds in those accounts can be used to secure a loan. In the end, you will borrow money at low interest rates to renovate your home, go on vacation, consolidate debt, or for any other reason. In the meantime, your savings will continue to grow and provide you with financial security.
Other websites’ accuracy, security, content, or services are not under the control of American Eagle FCU; we urge you to read the privacy and security disclosures of all websites you visit because they may vary from those of American Eagle FCU.
Please do not send your account/social security number or any other sensitive information via email for security reasons. To send a secure message, please log into Online Banking or call the Member Contact Center at 800.842.0145.
On February 8, 2021, the following will be in effect: Please be informed that when you log in to make a payment or make changes to your account, you will be required to enter a confirmation code that you will receive via email (s).

Secured vs unsecured loans!

You can borrow against your own savings or certificate as collateral for a share secured loan. Rather than liquidating your account and forfeiting all dividends and an emergency safety net, you borrow against that amount while keeping your money in the account.
The amount you want to borrow will be put on hold by Coastal. If your loan application is accepted, you will receive the requested amount in the form of a check or a deposit into your share account. Payments on the loan can be made through an automatic withdrawal from your account, direct deposit, or a monthly check.
Borrowers with bad or no credit, who may not be able to get a loan otherwise, stand to benefit the most from these loans. This is an excellent way to create or rebuild credit. Borrowers with bad or no credit, who may not be able to get a loan otherwise, stand to benefit the most from these loans. This is an excellent way to create or rebuild credit.
Coastal Credit Union is not responsible for the accuracy, security, content, or services provided by other websites; we recommend that you read the privacy and security disclosures of all websites you visit because they may vary from Coastal Credit Union’s.

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